2025-04-30-accounts

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Charity number: SC051703 Company number: CS005705

The Maclean Foundation (“TMF”)

Trustees’ Annual Report and Accounts

For the year ended 30 April 2025

The Maclean Foundation (“TMF”) Charity number: SC051703 Trustees’ Annual Report and Accounts For the year ended 30 April 2025

Contents
	Page
Trustees’ Report	1
Statement of Financial Activities	5
Balance Sheet	6
Notes to the Accounts	7
Independent Examiner’s Report on the Accounts	12

The Maclean Foundation (“TMF”) Charity number: SC051703 Trustees’ Annual Report and Accounts For the year ended 30 April 2025

Trustees’ Report

The Trustees are pleased to present their Annual Report and Accounts for the year ended 30 April 2025.

OBJECTIVES AND ACTIVITIES

The Maclean Foundation’s charitable purposes, as laid out in its Constitution, are:

e The relief of poverty, sickness and distress amongst people in need throughout the world with particular attention being given to areas within the continent of Africa, starting in the state of Madagascar.
e The advancement of education for the general public concerning such people within those areas and their natural environment.
e Giving people access to clean drinking water and adequate sanitation through the digging of boreholes and any other such effective means.
e The advancement ofprimary and secondary education.
e The preservation of the natural environment for the benefit of the local public by: (i) the prevention or limitation of damage to the environment; and (ii) by the carrying out of conservation work.
e The provision, or the assistance in the provision, of facilities of all kinds for the promotion and support of the healthcare of people.
e Providing forms of infrastructure such as electricity, power, transport networks as required.
e All such other purposes without restriction as the law shall from time-to-time regard as charitable, within the meaning of Section 505 of the Income and Corporation Taxes Act 1988 or any Act amending or replacing the same.

CHAIR’S REPORT

Background and Strategic Overview

The Maclean Foundation was established in 2022 b

. A family charity dedicated to combining their passions for adventure and their father’s passion for whisky with meaningful fundraising. The charity’s mission is to deliver meaningful change through clean water projects. The early years of operation focused on setting up the charity’s governance, brand, and fundraising infrastructure. Trustees with relevant skill-sets were appointed.

The Foundation’s primary delivery partner continues to be Feedback Madagascar, a grassroots non-governmental a —_ sustainable clean water solutions — borehole construction in rural Madagascar. The The year under review was one of preparation and momentum building, laying the groundwork for the charity’s most unsupported.ambitious fundraisingThis Row,initiativewhich commencedto date: emprrmipascsenerein April 2025, aims rowto raiseacross£1 millionthe entireto providePacific cleanOcean,waternon-stopto at leastand 40,000 people in Madagascar. The Row presents a unique opportunity to elevate awareness of the charity’s mission and significantly increase fundraising. The operational costs of the Pacific Row — including boat, equipment, food, logistics — were fully funded by The Maclean Brothers Ltd through a corporate sponsorship campaign.

Key Activities and Achievements

Pacific Row - The Pacific Row started in Peru in mid April 2025. By the year end, the Maclean Foundation had received £78,000 of donations directly in support of this campaign.

Whisky Fundraising - A key pillar of The Maclean Foundation’s fundraising strategy continued through working with the Scotch whisky industry. The charity’s second single cask bottling, a Glen Scotia 2016 eight-year-old single malt, was released in September 2024. This limited edition whisky was donated by Glen Scotia distillery and bottled exclusively for the Foundation at 59.1% ABV, with 210 bottles made available through Royal Mile Whiskies. Proceeds from this release supported the charity’s clean water mission, with each bottle sold providing clean water to at least one person for life.

The Maclean Foundation (“TMF”) Charity number: SC051703 Trustees’ Annual Report and Accounts For the year ended 30 April 2025

Project Visits and Impact Reporting

In early 2025, undertook a 17-day visit to Madagascar to inspect and celebrate recently completed water projects. Boreholes funded by The Maclean Foundation in partnership with Feedback Madagascar had been completed in the following locations, Anilobe village, Andasy Primary School, Antenindava Primary School, Manolotrony Primary School, Antodinga and Ambovandrozana.

These boreholes deliver clean water access to over 1,800 people. The trip had two key purposes:

To see how funds raised by The Maclean Foundation have been invested in community projects and to understand the positive impact of our investment.
Gathering up-to-date media content to support the Pacific Row fundraising campaign, including updated project documentation for the charity’s website and social media.

The trip was funded by The Maclean Brothers Ltd at no cost to the charity.

Organisational Development

A considerable amount of effort during the year was dedicated to strengthening the charity’s operational infrastructure in preparation for its ambitious fundraising campaign:

Fundraising Platforms: The charity established a presence on GiveStar, a digital platform that facilitates peerto-peer and challenge fundraising, enabling supporters to donate and engage directly with campaign content.
Global Giving Partnership: An account was set up with TrustBridge Global, a service that helps charities access international donors and grant opportunities, enhancing the Foundation’s fundraising reach.
Website Redesign: The charity’s website was rebuilt to better communicate its mission, showcase progress and support donor engagement.
Onshore Support Team: Time was invested in forming a dedicated onshore support team to maximise awareness and engagement around the Pacific Row, aiming to convert audiences reached into active supporters and donors.

Looking Ahead

The year ahead is set to be transformative for The Maclean Foundation. A third charity bottling is planned for the Spring. The Pacific Ocean rowing expedition, which represents the charity’s most ambitious fundraising and awareness initiative to date, is underway. Supported by a structured onshore team and strengthened digital platforms, the charity is well positioned to scale its impact and deliver life-changing access to clean water for thousands more people.

Financial Review

The surplus for the year ended 30 April 2025 was £59,569 (2024 - £69,680). This surplus was transferred to reserves and as a result the charity has cumulative funds of £142,641 at 30 April 2025 (2024 - £83,072) representing unrestricted funds of £51,639 (2024 - £49,898) and restricted funds of £91,002 (2024 - £33,174).

Reserves policy and going concern

The reserves policy is to maintain a sufficient level of reserves to enable operating activities to be maintained and this policy is reviewed annually by the trustees.

The trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future.

Trustees’ responsibilities in relation to the financial statements

The charity trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including income and expenditure, of the charitable company for that period.

In preparing the financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in Charities SORP;

The Maclean Foundation (“TMF”) Charity number: SC051703 Trustees’ Annual Report and Accounts For the year ended 30 April 2025

make judgements and estimates that are reasonable and prudent;
state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Reference and administrative details

Charity number: SC051703 Company number: CS005705 Registered office: 14/2 Gloucester Place, Edinburgh, EH3 6EF

Key personnel

Chair

(replacing on 17 September 2025)

Trustees

(resigned as Chair and Trustee on 17 September 2025)

(resigned as a Trustee on 27 March 2025)

Members

took over as the Members of the Foundation on 17 September 2025.

Secretary

Accountant

, a chartered accountant registered with ICAS.

Structure, Governance and Management

TMF is a Scottish Charitable Incorporated Organisation (“SCIO”), governed by its Constitution dated 25 April 2022. It is registered with the Scottish Charity Regulator.

The structure of the organisation consists of:-

(a) the Members - who have the right to attend members' meetings (including any annual members’ meeting) and have important powers under the constitution; in particular, the members appoint people to serve on the Board and take decisions on changes to the constitution itself;
(b) the Board - who hold regular meetings, and generally control the activities of the organisation; for example, the Board is responsible for monitoring and controlling the financial position of the organisation.

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The Maclean Foundation (“TMF”) Charity number: SC051703 Trustees’ Annual Report and Accounts For the year ended 30 April 2025

Statement of Financial Activities

(including income and expenditure account) for the year ended 30 April 2025.

Notes Income from: Donations and 2 legacies Other trading 3 activities Total income Expenditure on: Raising funds 4 Charitable activities 5 Total expenditure Net income and net movement in funds for the period Reconciliation of funds Total funds brought forward Total funds carried forward 11	Unrestricted funds Restricted funds Total funds Unrestricted funds Restricted funds Total funds 2025 2025 2025 2024 2024 2024 £ £ £ £ £ £ 2,332 97,251 99,583 53,319 18,843 72,162 2,000 18,409 20,409 64,841 52,672 117,513
	4,332 115,660 119,992 118,160 71,515 189,675
	- 12,972 12,972 - 36,539 36,539 2,591 44,860 47,451 81,654 1,802 83,456
	2,591 57,832 60,423 81,654 38,341 119,995
	1,741 57,828 59,569 36,506 33,174 69,680
	49,898 33,174 83,072 13,392 - 13,392
	51,639 91,002 142,641 49,898 33,174 83,072

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The accompanying notes on pages 7 to 11 form an integral part of these accounts.

Balance Sheet

							‘ .‘
							I
{		re	i	«
							127.349
							is44
	Liabilities
							apse
	Net	current			axscts		f4l.4e
	Net	assets					142,041
	The	f		of	the	charity
							91002
	Total			charity	fends		142.041

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The Maclean Foundation (“TMF”) Charity number: SC051703 Trustees’ Annual Report and Accounts For the year ended 30 April 2025

Notes to the Accounts

1 Accounting policies

The following accounting policies have been applied consistently to all periods covered by these accounts.

Basis of preparation

The financial statements have been prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 01 January 2019) – Charities SORP (FRS 102), The Charities and Trustee Investment (Scotland) 2005 Act, The Charities Accounts (Scotland) Regulations 2006 (as amended) and the Companies Act 2006.

TMF meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value.

Going Concern

The trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing its accounts.

Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Donated services

Donated professional services and donated facilities are recognised as income when the charity has control over them, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market, a corresponding amount is then recognised in expenditure in the period of receipt. Any general volunteer time for the charity is not recognised in the financial statements however their contribution is greatly appreciated.

Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity.
Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose.
Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work.

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.

Expenditure on raising funds comprise the costs of fundraising events and any associated direct costs and support costs.
Expenditure on charitable activities principally represents support costs, governance costs and donations to Feedback Madagascar.

Direct costs attributable to a single activity are allocated to that activity, shared costs which contribute directly to more than one activity are apportioned between those activities and support costs which are not attributable to a

The Maclean Foundation (“TMF”) Charity number: SC051703 Trustees’ Annual Report and Accounts For the year ended 30 April 2025

single activity are, where possible, apportioned between the activities being supported.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Investments

Investments are reported at cost.

Cash at bank and in hand

Cash at bank and in hand includes cash and deposits with banks with maturities of three months or less.

Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Trade creditors are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2 Income from donations and legacies

Donations Donated services Total	2025 2025 2025 2024 2024 2024 £ £ £ £ £ £ Unrestricted Restricted Total Unrestricted Restricted Total funds funds funds funds funds funds 1,957 91,701 93,658 825 7,754 8,579 375 5,550 5,925 52,494 11,089 63,583
	2,332 97,251 99,583 53,319 18,843 72,162

The income from donations was £93,658 (2024- £8,579).

In 2025, Donated services represent the estimated value of the work performed by a number of suppliers including Contagious, Lost Clock Productions and Glen Scotia Distillery together with the fees for the charity’s independent examiner. These services are recognised within incoming resources as a donation, and an equivalent charge is included within expenditure on raising funds (see Note 4) and expenditure on charitable activities (see Note 5).

In 2024, Donated services represented the estimated value of the work provided by suppliers including Contagious, Story Shop, The Edinburgh Academy and various other suppliers (who assisted with, for example, the charity’s launch event in April 2024) together with the fees for the charity’s independent examiner.

The Maclean Foundation (“TMF”) Charity number: SC051703 Trustees’ Annual Report and Accounts For the year ended 30 April 2025

3 Income from other trading activities

Fundraising events Whisky releases Whisky bottle auction Total	2025 2025 2025 2024 2024 2024 £ £ £ £ £ £ Unrestricted Restricted Total Unrestricted Restricted Total funds funds funds funds funds funds 2,000 585 2,585 - 31,876 31,876 - 17,824 17,824 - 20,796 20,796 - - - 64,841 - 64,841
	2,000 18,409 20,409 64,841 52,672 117,513

The charity has held fundraising events where income was received in exchange for the supply of donated goods.

The Whisky bottle auction income in the previous year represented the gross income received as the auctioneer carried out the service pro-bono and donated their commission to the charity.

4 Expenditure on raising funds

Fundraising event Whisky releases Donated services (see note 2) Freelance charity administrators (see note 6) Total	2025 2025 2025 2024 2024 2024 £ £ £ £ £ £ Unrestricted Restricted Total Unrestricted Restricted Total funds funds funds funds funds funds - 271 271 - 10,177 10,177 - 5,637 5,637 - 8,728 8,728 - 5,175 5,175 - 11,089 11,089 - 1,889 1,889 - 6,545 6,545
	- 12,972 12,972 - 36,539 36,539

The Maclean Foundation (“TMF”) Charity number: SC051703 Trustees’ Annual Report and Accounts For the year ended 30 April 2025

5 Expenditure on charitable activities

Support cost: Freelance charity administrators (see note 6) Support cost: Contractor costs Support cost: IT & other software costs Support cost: Branding, PR and marketing costs Support cost: Donated services – various (see note 2) Support cost: Bank fees Support cost: Postage Governance cost: Donated services - Accountancy (see note 2) Donation: Feedback Madagascar Total	2025 2025 2025 2024 2024 2024 £ £ £ £ £ £ Unrestricted Restricted Total Unrestricted Restricted Total funds funds funds funds funds funds 1,128 - - - 1,128 - 7,997 500 - - 7,997 500 230 231 461 422 - 422 821 821 1,642 2,241 1,777 4,018 - - - 51,744 - 51,744 37 1,433 1,470 - - - - 25 25 375 - 375 42,000 750 42,000 750 18,000 - - 750 18,000
	2,591 44,860 47,451 81,654 1,802 83,456

Support cost: Freelance
charity administrators (see
note 6)
Support cost: Contractor
costs
Support cost: IT & other
software costs
Support cost: Branding, PR
and marketing costs
Support cost: Donated
services – various (see note
2)
Support cost: Bank fees
Support cost: Postage
Governance cost: Donated
services - Accountancy (see
note 2)
Donation: Feedback
Madagascar
Total

2025
2025
2025
2024
2024
2024
£
£
£
£
£
£
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
funds
funds
1,128
-
-
-
1,128
-
7,997
500
-
-
7,997
500
230
231
461
422
-
422
821
821
1,642
2,241
1,777
4,018
-
-
-
51,744
-
51,744
37
1,433
1,470
-
-
-
-
25
25
375
-
375
42,000
750
42,000
750
18,000
-
-
750
18,000

2,591
44,860
47,451
81,654
1,802
83,456

Support costs and Governance costs were all reported within expenditure on charitable activities with no apportionment required to expenditure on raising funds in the current and previous year.

6 Trustee remuneration and expenses, employees and related parties

The charity’s trustees were not paid, nor received any other benefit from the charity, neither were they reimbursed expenses during the year. No charity trustee received payment for professional or other services supplied to the charity.

The charity has not yet employed any staff.

The charity has not yet employed any staff. , has supported the charity during the year in the role of a freelance administrator and was paid £2,912 (2024 - £14,047) as detailed in Note 4 and Note 5. , has supported the charity during this financial year, also in a freelance administrator capacity, and was paid £105 (2024 - £495).

7 Corporation tax

The charity is exempt from tax on income and gains falling within section 505 of the taxes Act 1988 or section 252 of the Taxation of Chargeable gains Act 1992 to the extent that these are applied to its charitable objects.

The Maclean Foundation (“TMF”) Charity number: SC051703 Trustees’ Annual Report and Accounts For the year ended 30 April 2025

8 Investments

Investments
	2025	2024
	£	£
Investment in subsidiary undertaking	1	1

On 1 November 2023, the charity established a 100% wholly owned subsidiary - TMF Trading Limited.

9 Debtors – due within one year

Debtors – due within one year
	2025	2024
	£	£
Prepayments and accrued income	15,447	26,187

10 Creditors – amounts falling due within one year

Creditors – amounts falling due within one year
Trade Creditors Accruals Amounts owed to subsidiary undertaking Total	2025 £ 2024 £ 50 5,709 105 13,159 1 1
	156 18,869

11 Analysis of charitable funds

At 1 May 2023 Incoming resources Resources expended At 30 April 2024 Incoming resources Resources expended At 30 April 2025	Unrestricted funds Restricted funds Total funds £ £ £ 13,392 - 13,392 118,160 71,515 189,675 (81,654) (38,341) (119,995)
	49,898 33,174 83,072 4,332 115,660 119,992 (2,591) (57,832) (60,423)
	51,639 91,002 142,641

The Maclean Foundation ("TMF") Charity number: SC051703 Trustees' Annual Report and Accounts For the year ended 30 April 2025

Independent Examiner's Report to the Trustees of The Maclean Foundation

I report on the accounts of the charity for the year ended 30 April 2025 whjch are set out on pages 5 to 11.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity trustees consider that the audit requirement of Regulation 10(1) (d) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention.

Basis of independent examiner's statement

My examination was carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.

Independent examiner's statement

ln the course ofmy examination, no matter has come to my attention

which gives me reasonable cause to believe that in any material respect the requirements: to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations
to prepare accounts which accord with the accounting records and comply with Regulation 9 of the 2006 Accounts Regulations

have not been met; or

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

on behalf of Lawton Solutions Limited

Chartered Accountants, registered with ICAS

41 Woodend Drive, Jordanhill, Glasgow, G13 IQJ
26 January 2026

Contents

Trustees’ Report

OBJECTIVES AND ACTIVITIES

CHAIR’S REPORT

Background and Strategic Overview

The Maclean Foundation was established in 2022 b

Key Activities and Achievements

Project Visits and Impact Reporting

Organisational Development

Looking Ahead

Financial Review

Reserves policy and going concern

Trustees’ responsibilities in relation to the financial statements

Reference and administrative details

Key personnel

Chair

Trustees

Members

Secretary

Accountant

Structure, Governance and Management

Statement of Financial Activities

Notes to the Accounts

1 Accounting policies

Basis of preparation

Going Concern

Income

Donated services

Fund accounting

Expenditure

Investments

Cash at bank and in hand

Creditors

Financial instruments

2 Income from donations and legacies

3 Income from other trading activities

4 Expenditure on raising funds

5 Expenditure on charitable activities

6 Trustee remuneration and expenses, employees and related parties

7

Corporation tax

8 Investments

9 Debtors – due within one year

10 Creditors – amounts falling due within one year

11 Analysis of charitable funds

Independent Examiner's Report to the Trustees of The Maclean Foundation

Respective responsibilities of trustees and examiner

Basis of independent examiner's statement

Independent examiner's statement